UBI Banca : Recent favourable cyclical developments not resolving structural challenges; Reiterating our Stable credit opinion and Reduce recommendation
The recent political developments in Italy followed by the ECB announcements have offered a bright end-of-summer for Italian assets including banks debt which have performed strongly since the formation of the new coalition between M5S and PD. This is good news for the Italian banking sector in general and UBI is no exception. However, the political situation remains fragile with a coalition made up of parties which had been rivals, and the ECB measures for the banking sector are...Unione Di Banche Italiane provides banking and financial products and services to its customers. Co. is involved in the implementation of the Private & Corporate Unity project, the union of the private and corporate banking commercial networks designed to develop synergies between the two customer segments. This service model is able to address financial issues relating to families, businesses, and the relationship between personal and business finance in a unified manner. Commercial operations are primarily focused on existing customers, which are provided by the branch network.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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